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FNP, FREEDOM FOODS GROUP LIMITED
nipper
post Posted: Yesterday, 08:17 PM
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can it get worse?
QUOTE
Freedom Foods has extended its voluntary suspension until October 30, saying it may be some time before the embattled company can resurrected. The company said a number of activities needed to be considered by the broad before it could be in a position to provide information on the historical issues identified, the financial position and outlook of the company.

The company said it will need to conclude its investigation into the historical issues referred to in previous announcements, complete its annual accounts, provide appropriate guidance, search for a new chief executive officer and chief financial offer, and complete any necessary capital initiatives.

The company said it will keep investors advised of any material developments in accordance with ongoing continues disclosure obligations.
The company said it had received a waiver from its financiers in relation to its financial covenant obligation at June.

a bit of a wait, but not much will be left



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jun 29 2020, 12:14 PM
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In Reply To: nipper's post @ Jun 24 2020, 02:24 PM

along the lines of:
QUOTE
Freedom's "one-off, non-cash writedown" of FY20 inventory of "approximately $25 million" announced on 29 May had, after "further analysis", become an "aggregate inventory writedown [of] approximately $60 million".

Freedom also placed its shares in suspension for a further 14 days



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jun 24 2020, 02:24 PM
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Freedom Foods in a spot of bother today (and down 15%) on news that its chief executive Rory Macleod was "on leave pending a further announcement", the day after its chief financial officer Campbell Nicholas resigned.


Whoops.


Further announcements pending.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 31 2019, 10:25 AM
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QUOTE
A 37 per cent jump in sales in China combined with substantial growth in branded groceries in Australia has propelled diversified food manufacturer Freedom Foods to a record profit.

The company, which produces a wide range of foods including UHT milk and cereals, released full year results for 2019 which were above market expectations, sending its share price surging 25.3 per cent and adding nearly $280 million to its value in a day.

Freedom Foods, whose brands include Australia's Own and So Natural, is the fastest growing supplier of branded retail grocery products in Australia among the top 100 suppliers. Mr Macleod said this position was a highlight of 2018-19 and that branded products was a key focus for the company.

The company was well placed to benefit from rising consumer demand at home and abroad for healthy dairy, cereal and snack products, he said.

Freedom Foods' net sales jumped 34.9 per cent to $476.2 million, while operating net profit rose 40.1 per cent to a record $21.9 million.Operating EBITDA (earnings before interest, tax, depreciation and amortisation) rose almost 41 per cent to $55.2 million.

The company lifted its final dividend, which is unfranked, to 3.25 cents per share (up from 2.5 cents per share last year).

"The group continues to experience strong demand across its business activities in Australia, China and South East Asia," Mr Macleod said.

Sales in China grew 37.3 per cent to almost $70 million and the company sees continued growth in the country. One of its exports to China, "Kid's Milk", is the largest imported kids milk brand in the country.

"Dairy continued to be a key driver of growth in China, but having said that we continue to focus on driving our cereal and snacks range," he said.

Mr Macleod said China sales could have been higher in 2018-19, but were limited by a significant upgrade of a factory at Shepparton in Victoria. Shares in Freedom Foods closed up 25.3 per cent at $5.05.

Meanwhile, the infant formula and food company Bubs Australia reported a 154 per cent rise in revenue in 2018-19 to $46.8 million.

But the company reported an overall statutory net loss of $35.5 million, which it said incorporated expenses incurred outside of normal business operations including a $20.4 million one-off expense for its equity linked transaction with Chemist Warehouse




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Aug 8 2019, 05:28 PM
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Posts: 7,098
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QUOTE
Freedom Foods has lost support of a big shareholder. It is understood one institutional shareholder was responsible for a line of 12.15 million shares worth 4.5 per cent of the company that changed hands on Thursday afternoon.

The $50 million parcel of stock hit the market at 3.28pm Sydney time at $4.10 a share, or a 5¢ a share discount to Freedom Foods' last close.

- think I sold around $4.90 and watched it sail North. But now, what a good decision that was



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
Mirrors1967
post Posted: Jun 14 2019, 04:30 PM
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In Reply To: nipper's post @ Mar 25 2019, 09:23 AM

just saw a new video on the fornt page talking about Freedom Foods fyi

 

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nipper
post Posted: Mar 25 2019, 09:23 AM
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Freedom Foods says it is not interested in the Lion Dairy and Drinks portfolio, denying speculation it had been scoping out the business for potential acquisition.

In a note to the market today, it said it was “not pursuing a bid for the LDD portfolio as part of any current sale process”.

“As previously stated at Freedom Foods half year results presentations in February 2019, the Company remains focussed on delivering on its unique capabilities and opportunities across Dairy Beverages and Nutritionals, Plant Based Beverages and Specialty Cereals and Snacks.”



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 16 2018, 03:52 PM
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Company is raising $200 million through UBS to fund growth, through a three-for-29 accelerated non-renounceable pro-rata entitlement offer and placement at $4.80 each, a 2.4 per cent discount to the last closing dividend adjusted share price of $4.92.

The Perich Group, which owns 58.2 per cent of Freedom, has committed to take up its full entitlement and sub-underwrite the entitlement offer.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Mar 15 2018, 06:13 AM
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QUOTE
Freedom Foods has moved to secure space in major retailers for its own brands following the demise over the past two years of once dominant dairy processor Murray Goulburn. It has boosted its purchase of fresh milk from farmers from 85 million litres in June last year to 250 million by this mid-year, with its Shepparton processing plant now undergoing a $55 million-$60m expansion to cope with the higher volumes.

Freedom Foods chief executive Rory Macleod said the decision by Murray Goulburn to cease production of large volumes of its Devondale ultra-heat-treated milk and to discontinue its Devondale UHT cream as its milk supply slumped created a market opportunity for Freedom Foods in Australia.

The big supermarkets are also nervous that the coming sale of Murray Goulburn to Canadian giant Saputo may see the well-known Devondale brands of UHT milk disappear and their access to retail alternatives dry up.

Freedom is a major supplier of UHT and long-life milk products to China and Southeast Asia but has only had a presence in supermarkets and major retailers in Australia through its numerous lines of cereal, health foods and alternative non-dairy milks — also sold under the Australia's Own label — such as soy, coconut, rice and almond milks.

"There is a great opportunity now for a new consistent brand across the whole dairy range, and we want to be there," Mr Macleod said yesterday. "It's no secret there are challenges around Devondale's survival; us taking up the UHT space (vacated by MG) and this aligns so well with what we are already doing with our exports to China and Southeast Asia."

Mr Macleod estimated that the company's new supermarket milk deal would involve at least 30 million litres a year. All of Freedom's milk is supplied by farmers in northern Victoria and NSW's Riverina around Finley, with the company locking in long-term contracts with some farmers as its moves towards a processing capacity of 300-400 million litre a year at its key Shepparton plant. Some farmers will supply milk containing only a2 protein, with Mr Macleod determined to launch an Australia's Own a2 UHT milk this year.

Other Australia's Own milks available in supermarkets from May will include low-fat, high-protein and full-cream UHT milks, UHT cream and yoghurts, and a lactose-free milk.
- probably achievable, bulking up relationships rather than moving into new areas



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 27 2018, 08:46 PM
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QUOTE
Booming demand for allergen-free breakfast cereals, soy and almond milk, and sports supplements is underpinning strong sales growth at Australia's largest health foods manufacturer Freedom Foods.The company, which makes a range of cereals, snacks, dairy and plant-based drinks under the Freedom, Australia's Own Organic, Goodness Superfoods and Arnolds Farm brands, expects sales to rise 45 per cent this year to about $380 million.

The Sydney-based food and beverage manufacturer firmed up its full-year sales guidance after reporting a slightly weaker than expected 34 per cent fall in December-half net profit to $2.95 million.

While underlying earnings before interest, tax, depreciation and amortisation rose 28 per cent to $16 million, bottom-line profit was crimped by a series of one-off costs, including $4.8 million to close the Taren Point beverage facility in Sydney and shift production to Freedom's UHT beverage facility at Ingleburn, where capacity was upgraded last year. ​The result also included a pre-tax gain of $3.3 million on the $75 million sale and lease back of the Ingleburn site last November.

Sales for the six months ending December rose 29 per cent to $159.6 million, with double-digit growth in cereals and snacks, plant-based beverages, dairy products and seafood, augmented by the acquisition last May of Vital Strength nutritional supplements.

Freedom Foods is the largest supplier of almond milk to Australian supermarkets through the Blue Diamond Almond Breeze brand and new chilled almond milk brand AO. It also makes So Natural and Vitalife soy and dairy drinks and owns Brunswick and Paramount seafoods.

Freedom now expects full-year sales to reach the top of its previous guidance range of $360 million to $380 million – compared with $262 million in 2017. The company issued no firm profit guidance, but managing director Rory Macleod expects the strong sales growth to flow through to better margins and earnings in the June half.

"The full benefit of this growth and capital expenditure initiatives is expected to further grow sales and earnings into 2019 and beyond," Mr Macleod said.

Freedom launched a new dairy range, Australia's Own Dairy, including an A2 protein milk, and is adding further capa city for new products such as drinking yoghurt and to meet increased demand for UHT products in Australia and overseas.It is also investing in sales and distribution to develop new channels in food service, south-east Asia, the Middle East and the US, and leveraging its dairy capabilities to build a new nutritionals unit, which will develop branded high-margin nutrition products.

In January Freedom restructured its business operations in North America, establishing a partnership with North American group AFT Holdings to accelerate sales of cereals and snacks, including the Barley+ range, Messy Monkey childrens snacks and MilkLab "coffee milk".

Read more: http://www.afr.com/business/retail/freedom...o#ixzz58IvDG0sk
FNP shares, which have risen 28 per cent since October, rose another 3¢ to $5.20 on Tuesday.





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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